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Ether’s 50% Selloff Was Genuine, Not an Error, Kraken CEO Says

  • Coindesk said Ether prices fell as low as $700 on Monday
  • There’s no evidence of a trading malfunction, Kraken CEO says
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”It’s hard to speculate about what’s driving the market action,” Kraken Exchange CEO Jesse Powell told Bloomberg as Bitcoin’s loss worsened. “We’re still investigating.”

Source: Bloomberg

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A plunge of more than 50% in Ether’s price on cryptocurrency exchange Kraken was probably caused by extreme selling, and not by a trading-engine malfunction, the bourse’s CEO said.

Crypto prices tumbled across the board on Monday, with many tokens falling more than 20% during the trading session. Ether, the second-biggest digital coin, sank as low as $700 from about $1,600 on Kraken, according to a report from Coindesk.